1, Shang Fulin: active measures to promote market stability
China Securities Journal: Commission Chairman Shang Fulin, China Securities Journal 7, accepted an interview, said, requirements of the confidence of investors, and actively take measures to promote long-term stable development of capital markets. to take positive measures to promote market stability, but the development, the key thing is to constantly improve the market system to fully protect the legitimate interests of investors, listed companies and information disclosure of the business, the capital market to really optimize resource allocation function, so that the interests of small shareholders of listed companies the same objectives enhance investor confidence and promote long-term stable development of capital markets. (The good news for the market)
2, Shang Fulin: GEM is basically fully Chen Dongzheng prepared: the first number of companies listed on GEM are expected no less than eight < br> Xinhuanet Beijing: China Securities Regulatory Commission Chairman Shang Fulin, China Securities 7 reporter in an interview that preparations have been basically GEM sufficient. CPPCC National Committee members, the Shenzhen Stock Exchange chairman Chen Dongzheng 8, in an interview disclosed that after the release of the GEM, the number of listed companies is expected the first batch of not less than eight. GEM be launched on the issue, Chen Dongzheng said that China's reform is a gradual process, although slow GEM failure to launch, but go all out to prepare for the Shenzhen Stock Exchange has been and will continue to change based on market conditions and improved.
【Comments】 launch of the GEM was on the cusp of this year has been the topic, we should not GEM understood as a new trade plate problems, should see the launch of GEM is to solve the financing problem of SMEs. In the international financial crisis was the biggest shock is that in the small and medium enterprises, although the state has added 4 trillion yuan investment The central bank also implemented loose monetary policy, but in fact can be put into a limited quantity of funds for SMEs, and how to solve their money problems is the direct financing, is the introduction of the GEM. to the development of SMEs access to capital markets support, can play a demonstration effect, leveraging private investment can make more money flows to SMEs. to solve the financing problem of SMEs is to solve the problem of small and medium enterprises survive, is to solve the employment problem people. However, the introduction of the GEM is still constrained by many factors such as issuing new shares issued when the reform, and thus the time still to be determined (the message for the market-neutral high side)
3, Fan Fuchun: IPO system will be released soon
Xinhua News related programs: the National Political Consultative Conference member of the Commission Vice-Chairman, said Fan Fuchun 6, A-share market IPO start is imperative, but when the system starts and IPO is closely related to the reform and improvement. The SFC has issued new shares system to depth investigation and study, and soon related programs will be announced to the public for comments. IPO system reform a priority is to solve long-standing inquiry by the formation of new shares and exchange traded issue price before the deal to form the basis of call auction price departure from much of a problem .
【Comments】 We can see that the split share structure reform, the new shares issued to re-gate opening, caused by defects in the system, some new issues, new issues securities market system is the foundation, the foundation did not play well, the cover of the tall buildings like castles in the air, will eventually collapse. Fan Vice President's speech mentioned the issue price and the trading price of settlement much of a problem between the departure, which is what the old system of issuing new shares in the widely criticized, and only to resolve this point, it captures the crux of the point, according to Vice Chairman Fan if possible IPO reform approach is to issue large proportion of IPO shares outstanding, the price is relatively low, with the international market, lifting stocks significantly reduce time to market, and if so, will the secondary market price on the current valuation of an impact, especially junk stocks and high-priced stocks hardest hit, at the same time, but also beneficial to the cheap blue chip stocks, blue chip stocks to enhance the low valuation of space; if the IPO on GEM pilot reform, it will be small plates of high valuation impact. But in order to stock market long-term stability and healthy development, and sometimes as short-term pain long pain. (the long-term good news for the market)
4, Fan Fuchun: SFC is continuing to do on the abolition of taxes on issues related work
China Securities Network: CPPCC member and vice chairman of China Securities Regulatory Commission 6 pm, said Fan Fuchun, the SFC is continuing on the abolition of taxes on the problems positively, reflecting the patient and communication with interested parties, but opinions are not uniform in all aspects, but also be implemented only after extensive consensus.
【Comments】 taxes on the capital market characteristics of double taxation, a listed company has been operating in accordance with state tax laws during the corresponding taxes paid, and as all listed companies Investors should get profit share was levied taxes on Shiyou no doubt be a double taxation; cancel taxes on the capital market system consistent with sound construction, the general direction of protecting the interests of investors.
recently as taxes on has been reduced, again reducing or eliminating taxes on dividends, from the principle of diminishing marginal effect starting on the positive role of capital markets will be weakened. reduce stamp duty have limited impact on the market, prices of 4.24 and 9.19 is enough to prove, not to mention bonus tax, the market is the key current issues: First, the (The message for the market neutral preference)
5, Fan Fuchun: B shares H shares have been issued by the Company to carry out pilot
China Securities Network: CPPCC National Committee members, Commission Vice Chairman Fan Fuchun for the B-share companies have expressed refinancing If the B-share companies want to continue to issue B shares, the SFC will be accepted in accordance with relevant rules; If you want to send words of H shares, the referrals to the State Council, has carried out pilot projects in this area, but the company issued B shares A shares of the channel also did not get through.
【Comments】 B-share market under special conditions there is a compromise choice, with the continuous development of China's capital market, the future of this market has been of concern to investors. In recent years the market there have been A, B share market rumors of the merger, the message read from the current short-term to achieve A, B shares have not merged. B-share companies allowed to issue H shares of the pilot, no doubt the old B-share market has been quiet for a strong injection of shot in the arm, the short term can activate the B-share market. But in the long run, B-share market is the most important way out, to move closer to the A-share market or close to the H-share market is a necessary choice, the fundamental problem resolved before any information can only affect the B-share market short-term (the news for the market neutral)
6, Fan Fuchun: introduction of index futures needed to be Vice Chairman Fan Fuchun 6 interview, said that after three years of preparation, preparation of stock index futures has been a very solid understanding of the parties to the face of stock index futures has been quite different than the previous two years, the capital market for stock index futures The positive effect has become a consensus of the majority. As for timing, you need to wait until the investment instruments, at this point our knowledge is shared. index futures the objective to avoid systemic risk can play an effective and provide hedging capabilities, providing a tool for speculation and the role of risk arbitrage, in line with diversified investment principle, reduce transaction costs and increase the attractiveness of the transaction, active in the stock market. But part of the stock index futures market, margin trading and stock the full there is a big difference in margin trading, investors still need to strengthen education; You can raise the threshold of stock index futures, so that some have the capital strength, risk tolerance and a high level of awareness of investors to participate in, and then copy the U.S. system was introduced to China's mini stock index futures. China has established the Shanghai and Shenzhen 300 Index Futures is the subject of the first launch of stock index futures, from the purpose of asset allocation and hedging starting configuration part of the Shanghai and Shenzhen 300 Index constituent stocks will mature investors a choice. recent transaction share price of China Merchants Bank is to do with this message about? (The message is market-neutral high side)
7, the Commission Vice-Chairman Fan Fuchun proposed investor protection
Beijing Times: CPPCC National Committee members, the Commission Vice-Chairman Fan Fuchun yesterday told reporters that he protection of investments this year the legitimate rights and interests of those who submitted a proposal entitled Protection legislation have given great attention. the Commission has also said that the legitimate rights and interests of securities investors protection for comments and suggestions, will be absorbed and adopted a positive and practical development of capital markets in our country, and actively explore effective securities legitimate interests of investors protection measures. In the past the market manipulators of listed companies or the illegal profits from the capital market to be punished, the penalties and illegal gains and more to the state treasury, the aggrieved investors do not have access to appropriate financial compensation, the proposed Van illegal Vice President return of fines and confiscation of illegal gains investors, is to improve investor protection, maintaining fair market move, it is celebrated by acclamation (the message for the market long-term advantages)
8, Zhou Xiaochuan: new loans will continue to monitor the intensity
Shanghai Securities News: central bank governor Zhou Xiaochuan said yesterday's press conference, in January the total of credit is a bit beyond the central bank's expectations. However, if it can in time to stop living in circumstances caused by the financial crisis decline in confidence, if it can work quickly to overcome the financial crisis, plus there is a considerable room for future fine-tune monetary policy to the overall amount you can make in the future, in a mid-range, maintain a reasonable level. For the year the first two months of the new loans may reach total new loans to the put back than less, but that does not mean that there is no credit to the second half. He believed that more than the increase of loans in January and February the situation, but also the dynamic look, in some cases still continue to observe.
【 ],[more new loans, not the mandatory plan, not to be accurate to digital, but a guide to predict the number of these indicators are intermediate goals, mastery of appropriate monetary policy will depend on the ultimate goal of inappropriate, so do not larger for 1,2 months is too worried about the amount of new loans, no means are for the purpose of the service. week for the annual president's speech also target new lending guidance while leaving room to expand. We should pay close concerned about the price changes of 3,4 month, so many new loans on the market, will have an impact on the overall price level (the high side of the message for the macro-neutral)
9, Yi Gang: not much room do not cut equal to not cut interest rates
Shanghai Securities News: People's Bank of China Deputy Governor Yi Gang exclusive interview with Xinhua recently that the central bank's monetary policy instruments adequate to deal with deflation, China has the ability to weather the financial crisis. not great, not to say that interest rate cuts, because the future development of the international financial crisis is also uncertain. expansion rate of growth, in September 2008 after successive interest rate cuts aimed at the international financial crisis is to stimulate the country's economic environment, growth, interest rates as monetary policy tools, is always for economic development services. At present, China Monetary Policy Basic smooth conduction of credit for several months, is a manifestation of high growth is expected in February will still be high credit growth. And with the progress in the development of financial markets, the development process of marketization of interest rates, and financial institutions in corporate governance and internal control continuous improvement will be more smooth monetary transmission mechanism, pre-cut in interest rates the central bank measures have been taken to reflect the results. current interest rates at a interest rates will lead to no tools available. Also combining different types of interest rates between countries and duration, the current interest rate and the United States of roughly the same, the U.S. did not cut interest rates, China unilaterally cut interest rates, it is easy to lead to non-normal flow, increase the risk of exchange rate fluctuations, there is currently room to cut interest rates is not big in China. (This message is macro-neutral)
10, Gao Qiang, deputy director of the NPC Financial and Economic Committee: 4 trillion of investment in suspense do not expand
Beijing Times: 7 NPC Financial and Economic Committee Vice Chairman, Director of the National People's Congress Standing Committee on Budget high-strength clear that the parties concerned has not yet considered on the basis of 4 trillion further increase shall be effect until 4 trillion of investment is reflected, according to the new situation and then make new decisions.
【Comments】 from 2008 onwards, the country is a flexible and prudent macroeconomic policies, according to domestic economic conditions and changes. Early last year anti-overheating, changes in the middle, to the end of the year has changed, and are based on the specific circumstances of the decision-making, macro policy can not be dead .4 trillion across the two-year investment plan is now just arranged this year program, Ministry of Finance's budget report, list only the central investment projects, local newspaper has not come up investment projects, social investment is not even in next year's investment can not tell now, so the 4 trillion The specific investment projects can not all that clear. So do not expand the scale of investment is only temporary, and that time if paid off, and it continues strong; Moreover, there has been a rebound PMI, the PMI in February to 49% in January Bank credit up to 1.62 trillion, in February has reached 1 trillion, in February of M1 appeared to rise, at the same time, enterprises in reducing inventory, all indications are that the Chinese economy has bottomed out rebound could then more easily expand the scale of investment inflation, the market is awash with liquidity, but not conducive to economic stability and sustainable development, if not effective, then according to international and domestic economic situation and to adjust. (This message is macro-neutral)
11, a tax temporarily adjust the resource tax currently do not have the time to put
Xinhua Xinhua Beijing March 7: the Ministry of Finance Vice Minister Liao Xiaojun 7, joint participation in the CPPCC National Committee will interview the gap revealed at the initial fee of no personal income tax point adjustment program, adjustment of personal income tax, need to have some external conditions, but can adjust the conditions do not yet have a tax; resources tax to develop ready to put resources in the current tax policy is not a good time, will be at the right choose the time of introduction.
【Comments】 to adjust individual income tax threshold increase was mainly refers to the problem. threshold increased, the amount of tax people pay is reduced, people have more money, in theory, can stimulate The role of consumption; but personal income tax reform and more critical issue, reference to the U.S. and other developed countries, tax collection features, the combined tax rate of reduction is the more pressing issue, not raised the threshold can be solved a; present our implementation of loose fiscal policy, the Prime Minister's report this year, about 9,500 billion budget deficit, a tax threshold will undoubtedly increase the government's tax revenues have a negative impact, increasing the deficit, which is the relevant departments have consideration; of course a tax threshold or objective upregulation played a role in increasing income of residents. resource tax collection meet the general direction of the global resource conservation, it can be said is the inevitable choice; but the introduction of resource taxes need good timing , the current slowdown in economic growth, burden on business, current tax policy is not the introduction of resource a good time; the introduction of resource taxes temporarily, in favor of oil, natural gas, coal, steel, nonferrous metals and other resource-based industries rely on (the message is neutral bearish macroeconomic, trade good)
12, size reduction should show 20% of the non-profit sharing
Zhongzheng Wang: Eleventh CPPCC National Committee vice chairman, vice chairman of KMT Central Committee, Shanghai Municipal Social Economic Research Institute, Academy of Sciences Sector 6, Li Wuwei, told reporters that as the size of non-state capital when the lift should not damage the interests of holders of tradable shares, should strengthen the supervision of restricted shares, asking that the sale of 20% of shareholders took set up a special gain of about profits returned to the circulation of gold shares.
【Comments】 made in the form of shares tradable, but the size of non-shareholders relative to the part of the low cost of the shares or close to zero, the flow of the shareholders, or paid too much on price, which in itself is not consistent with the principle of fairness; size of the non-reduction of out 20% of the profit-sharing, not too much but too little, and only to the size of non-tradable shareholders with the same shareholders of the enterprise development process from a return, rather than from the unfairness of the system to obtain benefits, can we truly maintain all investors interest, capital markets play a fundamental role in resource allocation. but this is difficult on the proposed operation, including how to obtain the size of all investors, including non-shareholders approved? how to determine the profit-sharing ratio? has completed what levy reduction of the size of the non- ? These are uncertain (the message is neutral preference)
13, China's regulatory policies as well as during the two sessions to receive an interview with Shanghai Securities News said: in the second quarter is the most crucial period in the previous role of expansionary policies, in the second quarter of the indicators may be better. If the good indicators of the second quarter, the economy is likely to momentum And, in the second half of 【Comments】 senior Chinese government and many experts have expressed on many occasions to deal with international confidence in the financial crisis, China in the international financial crisis started to spread just noticed when sharp changes in direction and in time it made an increase of 4 trillion in investment decisions, should be said that this is a very quick and correct decisions; when necessary, the expansion of the existing policy on overweight, is to preserve its GDP growth target of 8%, making China successfully weather the storm. more positive fiscal and monetary policies are conducive to maintaining steady economic development, promote enterprise productivity and achieve counter-cyclical expansion (the message is more macro-benefits)
14, Li Shui On China's stock market: price-earnings ratio is reasonable, or not much better
BEIJING, March 6 call: CPPCC member, former National Bureau of Statistics water 6 Li said China's stock market now in 15m16 times price-earnings ratio is more reasonable, if not particularly unexpected happens, do not go to where to go.
【Comments】 Li Deshui June 17 last year, wrote an article titled sophisticated investors will live up to 18 .6 A-share market rose 146.36 points to close at 2941.11 points, 19 June broader market fell 192.24 points, followed by platform consolidation, August 8 Powei down the broader market fell to 1664 point. Currently, the international stock market basically 5m10 times price-earnings ratio, book value is at 2 under, the Dow Jones industrial average up 1.96 book value, far less than the A-share market's price-earnings ratio and book value (March 6 Japan, Shanghai and Shenzhen 300 Index book ratio is 2.76, 2.65 book value benchmark Shanghai Composite Index, Shenzhen Component Index book value is 3.48), A-share market's price-earnings ratio and book value highest in the world, A-share market's price-earnings ratio and book value is reasonable, not any one can have the final say, the market is always right, even as they put it there or not, it can go as there? (the message for the market neutral)
15,3 6 months LEVEL-2 funds depth monitoring
China Securities Network: Flush LEVEL-2 BBD decision-making system shows a large single-tape 6, the net selling 549.3 million shares, capital flows display plate 6, special equipment manufacturing, iron and steel, agriculture, electricity and heating plate net outflow of funds in the forefront of the date of stock fund flows show a large net outflow of capital stock are SDIC Electric Power, CITIC Guoan, the soldiers optoelectronics, large single-day fund net sales trends show a large amount of stocks for the Industrial and Commercial Bank, Hong JISCO Xing, China Railway.
depth analysis system flush LEVEL-2 blocks the flow of funds showed a net inflow of funds today, the larger the plate: securities, real estate, port. securities sector capital flows showed net inflows of about 1.15 billion, the plate largest single net amount of 1.21 billion yuan to buy large quantity of a single large net buying of stocks for the Hai Tong Securities; real estate section of about 960 million of net inflows, large single net buy 5.9 billion net inflow of capital stock is larger Vanke; port stocks of capital flows shows net inflows of 3.5 billion net inflow of capital larger stocks of Tianjin Port.
【Comments】 or minus the market price on Friday, the market volume decreased significantly more than 30.8%, out of many stocks finished lower trend, and by the occasion to lighten up the broader market intraday volatility, but from the flush LEVEL-2 BBD day decision-making system in combination with disk performance, just confirmed on Friday the market or in a net outflow of capital flows, mainly market participation is not high. At the same time, the market is also quietly changed focus, with blue chips and second-line performance support is gradually blue-chip market has been approved, funding concerns, and now the key issue is whether the funds will be back out of the market , as the market return, then flow to those sections. If the market pick up, the securities sector will be the first to benefit, you can dip due attention; port stocks in general rose less, there is compensatory growth may be, the proposed bargain attention; some of the real estate sector stocks have been middle strength, may dip due attention. (The bearish news for the market neutral)
16, through private block trades then set the size of the frequency of non-
blending Merchants Bank Economic Observer: As the huge circulation Merchants Bank its own valuation of the weight advantage, institutions not only failed to carry out large-scale sell-off, and some institutions also showed great enthusiasm to do more. newspaper was informed that, in addition to index funds to buy Merchants Bank recently in heat, the number of large private equity funds institutions, and this ban has been the CITIC Securities to become the largest market capitalization in Shanghai and Shenzhen stock and index funds, especially the Shanghai and Shenzhen 300 Fund is to be configured, if the stock market when stock index futures, China Merchants Bank will become the trend around the heavyweights of stock index futures First, the private equity fund with the CSI 300 Weng received the benefit of fish, if private equity really want to make strategic investments in China Merchants Bank, China Merchants Bank H then why not buy shares? H Unit, A Unit of the lowest bid was 51.54%. (This message temporarily neutral preference for the market and individual stocks)
17, this week there will be 37.2 billion stock market value of lifting the ban
Guangzhou Daily: With the market rally, the size of non-lifting pressure go hand in hand, the newspaper statistics show that today, 17 cities will have further new listing outstanding shares, for a total of 2.437 billion shares, the market value of 22.325 billion yuan sales limit, accounting for limited lifting of the ban on sale this week added the market value of nearly Liu Cheng. This week's lifting of the ban stocks, 11 stocks lifted the number of more than 1 million shares, Gree Electric lifting of the ban this week to 7.925 billion yuan to become the largest market capitalization stocks.
【Comments】 for the When the cake or a trap, only the final results will be reflected gradually, because every time the market fell, ran the fastest or the bearish)
18, HTC shares of the second week of cash holdings of the shareholders crazy
nearly 390 million yuan net March 6 Panorama News: HTC shares of two shareholders of Sichuan Plain Industrial Development Co., Ltd. (Industrial plains) near crazy week reduction of shares, total number reached 3866 million stock holdings. Plain Industries said its from 2009 February 27 to March 5, through the secondary market to sell 9,812,176 shares of SSE HTC shares; Also at the March 5 and 6, respectively, through the reduction of block trading system, 1885 million and 1000 million shares of the Company. After a rough calculation, February 27-March 5 HTC weighted average shares of approximately 10.13 yuan , Plain near Industrial billion cash through the secondary market. the market by large amount of cash two days reached 189.8 million yuan and 1 billion, the aggregate cash amount to nearly a week since the 390 million yuan.
【Comments】 Every rise in the broader market or individual stocks, the total to see In the case of financing difficulties and had to cash in the secondary market; and cash in the secondary market, low cost, to the quick, just like in their own First, cash funds in order to survive, and second, the funds required for the production, otherwise, as long as the status quo. Therefore, there is another possibility, that is, stock prices of listed companies advance their own valuation, resulting in their reduction of impulse. The bad news for the market)
19, vehicle subsidies to rural areas 10% of criteria to determine the prices subsidized by the Beijing Daily
: car how to the answer. Yesterday, in the development .
after the introduction of the displacement below 1.3 liters to buy minibuses to give a one-time financial subsidies. but not related to the implementation details introduced in the March 1. Automobile Dealers Association, said Deputy Secretary-General king, although the rules a little late, but the state benefits to rural car users will not be discounted, after March 1 this year, car and vehicles purchased out of farmers, can be subsidized.
【Comments】 first, fully reflects the country's determination to boost rural consumption. These policy benefits. all aspects of published data also showed that the three types of subsidies for the scrap cars and light trucks redemption of low-speed vehicles, and the purchase of minibuses displacement below 1.3 liters, not related to the heavy goods vehicles, in buses and cars, to stimulate the automotive industry is limited to the above income sub-sectors (the message to the macro ones, industry neutral high side)
20, Coal and Electricity Development and Reform Commission highlighted contradictions unprecedented reform this year, pushing the price
Shanghai Securities News: to do, such as coal to solve contradictions, has a clear expression, so to solve this problem becomes very urgent.
【Comments】 long time, adjust prices according to market supply and demand, but it is government pricing power generation companies, which led to the power industry into a 2008 industry-wide losses. tariff reform has been in this year's government work report to be explicitly mentioned, and was included in the objectives of the reform in 2009 This means that the State Council on the tariff issue unprecedented attention, also shows unprecedented intensity conflict in the coal and power industry led to the case of heavy losses, tariff reform is imminent. The current decline in coal prices, oil prices plunge, sales power very little room for price increases; but heavy losses due to power companies, cut unlikely, but gradually determined by market forces to establish a mechanism to reduce the price of too much government intervention is imperative. (the message for the industry Neutral high side)
21, changing the subject coal power struggle over construction of the coal industry petition, please reserve
China Times: brewing 5 years of national strategic coal reserves so far unsuccessful, the share of coal power systems due to the unbearable hard to push the matter again to the government department in charge of .3 before 5 February, the reporter learned from the power system, power companies a letter to the relevant government departments, the proposed strategic coal reserve as soon as possible to stabilize coal supply, and prevent abnormal fluctuations in coal prices led to tension of coal electricity prices, power companies also believe that the strategic energy reserves help to reduce major coal province in the coal is in short supply for the pursuit of profit over-exploitation, causing accidents. Recently, Beijing, Dalian, Liaoning, Shandong have already begun preparations for the construction of coal reserve base, but the strategic stocks of coal and other major coal-producing Shanxi province objected that the economy will be affected by local coal.
【Comments】 energy reserves is one of the national energy strategy, last year's high oil prices, so that the oil countries The importance of strategic reserves, and now has implemented a strategic oil reserve measures; However, the strategic reserves of coal has not yet put on the agenda, last year's snow so we can see the importance of strategic reserves of coal, and coal prices last year, unrestrained prices, coupled with government restrictions on the price of the administrative, but also to a comprehensive loss of thermal power companies last year, it appears that the strategic reserve of coal is very important, not only to achieve national energy strategy, but also stabilize the coal at the crucial moment ...
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